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Pagcor privatization to begin by early 2026 at the latest

Business

Pagcor privatization to begin by early 2026 at the latest

By Manila Bulletin

The Philippine Amusement and Gaming Corp. (Pagcor) said the privatization of government-operated casinos is set to begin earlier than initially projected, with a target start date in May next year.

At the 2024 SiGMA Asia Summit, Alejandro H. Tengco, Pagcor chief executive and chairman, said that the sale will encompass all 45 properties under the Casino Filipino brand.

Tengco indicated that the privatization process is expected to kick off by May 2025 or no later than early 2026.

Previously, Tengco said that Pagcor planned to initiate the privatization of the 45 casinos by the third quarter of 2025.

Earlier, Tengco said that Pagcor was transitioning towards functioning solely as a regulatory body, relinquishing its current dual role as both operator and regulator.

Tengco said the process will be finalized by 2025, aiming to “level the playing field and ensure future growth and viability for all gaming industry players.”

Despite the privatization plan, Pagcor still expects an increase in revenue from government-run casinos this year.

Pagcor-operated casinos are expected to yield P81.27 billion in gaming revenues for this year.

This forecast reflects a 2.4 percent growth compared to Pagcor casino revenues of P79.37 billion in 2023.

The revenue generated from Pagcor-owned casinos is expected to contribute to achieving the projected gross gaming revenues (GGR) of P336.38 billion for the Philippine gaming sector in 2024.

This target represents an 18 percent increase over the actual 2023 GGR of P285.27 billion.

Furthermore, Pagcor expects closing 2024 with a net income of P5.26 billion.

Related Tags

Alejandro H. Tengco pagcor privatization Philippine Amusement and Gaming Corp.

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